Small and medium businesses should not give up on challenging large competitors. Oleksandr Sudarkin, MBA and Pre-MBA programs director, and practicing coach offers his recommendations as to asymmetric responses to the challenges during the MIM TOOLBOX series. Here are the highlights of his advice.

Calibration. Make up the list of your key markets and calibrate your activities to get the highest return on your efforts.

Storytelling. When we market our goods or services, we usually start with standard persuasion techniques based on rational arguments. By telling the story about your product or service in the usual consumption situation you disguise your persuasion. 

Attraction and appeal. Secrets are attractive. You do not know what it is, but you know it is good. Your story should describe using of your product in a way it makes the customers proud. Make your brand appealing to them and they would want to become brand ambassadors.

Algorithm. Algorithms helped new ridesharing companies to challenge notorious taxi companies in many countries. Uber algorithms incorporate a one-stop shopping principle and the number of cars in different neighborhoods. Different businesses have their own algorithms whether it is the Pepsi recipe or the 13 spices of KFC. 

Easy access. A business’s making something accessible upends the situation for large players. Internet access due to Starlinks is a good example. Satellite-provided internet is not Elon Musk’s invention, but his making it cheap and easy to establish is.

Thrift. It might be the top criterion for Ukrainians now. In business, frugality helps to keep resources low and performance high. For example, outsourcing delivery or automatic checkouts saves a lot. 

Speed. Identify how you could be faster than your competitors. Nova Poshta with its 24-hour delivery is a good example. Ukrposhta, the national operator is chasing them. Ihor Smilyansky, the Ukrposhta CEO once said that his dream was to implement the 24-hour long delivery from AliExpress. If he manages that after the victory, it will overturn Ukrainian retail and end the era of 200% - 300% margins. 

Making quick and cheap mistakes. Unless we are providing critical infrastructure, we cannot create immaculate products and services all the time. However, without experimenting and mistakes, no perfect product or service can ever be invented. Timeliness in abandoning the poor idea and learning the lessons from your failures is a good way to face challenges. 

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